Phoenix Valley-wide Real Estate Market Is Improving

– Posted in: Gold Canyon Real Estate

Gold Canyon Arizona home sales is generally what we focus on here on this website, but let’s take a look at the overall Phoenix Arizona area home sales and check what has been happening valley-wide.

Comparing April 2011 to April 2012 (all areas and types throughout the Phoenix market.)

  • Active Listings (excluding AWC*): 13,117 versus 27,052 last year – down 52%
  • Active Listings (including AWC*): 20,781 versus 34,594 last year – down 40%
  • Pending Listings: 11,996 versus 13,326 last year – down 10%
  • Monthly Sales: 8,480 versus 9,452 last year – down 10%
  • Monthly Average Sales Price per Sq. Ft.: $95.79 versus $83.61 last year – up 14.6%
  • Monthly Median Sales Price: $137,000 versus $110,000 last year – up 24.5%
  • S&P/Case-Schiller® Home Price Index is reporting that the Greater Phoenix area had the largest increase for big cities (comparing March 2011 to March 2012) at an annual appreciation rate of 6.1%
  • On May 25th the median sales price for all areas and types hit $145,000 which is the highest value since December of 2008 and is 33% above May 25th of 2011!
  • Zillow is forecasting that home values in Phoenix will rise by 6.5% between March of 2012 and March of 2013…the highest in the nation!
  • On May 22nd there were 6,446 residential properties in Maricopa County whose current owner is a bank or lender of some type. This represents 0.53% of the homes that exist in the County!
  • On May 15th for the first time since 2008 we had fewer than 1,000 lender owned properties listed for sale and without a contract on ARMLS…the peak was 14,237 in January of 2009!!

(* AWC = Active with Contingencies = means an offer(s) have been made on the property, but there is some contingent issue that is currently keeping the home from moving straight through escrow. This may mean that the property is a short-sale and there are bank decisions that have to be made as to whether the offer will be accepted, or it might mean there are inspection issues, or many other possible contingent issues.  Note that we are not seeing contingent issues in the current market that relate to the buyer needing to sell another home – at this time in the market, this is not the case.)

(This data was provided from First American Title and Cromford Report. It is deemed to be accurate, but not guaranteed.)